All Forum Posts by: Joshua Thompson
Joshua Thompson has started 3 posts and replied 199 times.
Post: LLC doing business in multiple states
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Originally posted by @Eamonn McElroy:
Depends on how NV defines "doing business" within NV. Generally speaking an employee physically located within a state may create filing nexus for operating businesses.
Rental RE may be different.
You're never forced to incorporate anywhere, however there are specific circumstances in which you should register with a state's Secretary of State to conduct business within the state.
I'll do some reading on what is considered "doing business" in that state. I ask because it seems as if every two weeks here in CA there is an article about someone getting nailed because they stated they did no business in CA but CA disagrees. I wonder if CA is the only state going after these businesses as hard.
Post: LLC doing business in multiple states
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
If you have a remote employee finding your deals in Nevada but you're incorporated in Texas and all your properties are in Texas, do you need to incorporate in Nevada as well?
Post: Has anyone read this book
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Originally posted by @Pam Church:
Hope everyone is doing well,
I came across this book. Has anyone read it and is the I formation still relevant in RE today with all the changes from the last several years since publication.
Thanks for any feedback!
Hey Pam I'm not sure if you noticed but I don't see a title anywhere.
Post: 10-31 Title Exchange
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Not a 1031 expert here but from what I've read the short and sweet answer to this is "no". To perform a 1031 exchange and deferred all of the taxes you must invest all of the money received into a like king property. If you attempt a 1031, receive the cash stating "you'll invest this into your other properties" at that point it no longer is a 1031 and you'll need to pay taxes on your gain.
Post: CPA recommendations for Southern California
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Hey Michael, there are plenty of good CPA's and EA's on here that work remote and contribute plenty to BP's forums. Myself and the CPA I work with both invest in real estate and are located near Agoura Hills. Shoot me a message if you have any questions.
As far as what CPA's & EA's charge for their services it varies. It can be hourly or a set rate. It's usually at the professional's discretion.
Post: Capital Gains exclusion on 2nd condo sale
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Originally posted by @Dominick Austria:
On Condo 2, the entire gain will not be eligible for the personal residence exclusion. you will have to allocate between qualified and non qualified use to determine what the exclusion is. The max that will be excluded is $250k because your wife lived in it for 2 years but you did not. For Condo 1, if you want to exclude up to $500k you will have to wait until May 2021 since your wife took the exclusion for 2019. If your gain on the property is less than $250k than you should reach out to your CPA and see if it would be better if you filed as married filing separately for 2019.
Hey Dominick not 100% sure and would love your input but since the "period of nonqualified use" is during the 5 years it is technically an exception correct? Granted the wife did satisfy the requirements to receive section 121. The only thing I think he would need to do is recapture the depreciation. I also agree they only receive $250k exclusion.
Would love to know what you think. Thanks!
Post: HOA Bids/Special Assessments
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Good question. Hope there is a good member out there that has gone through this and can answer it.
Post: Why not buy a condo or is it crazy
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Everyone has their own reasons for why they invest in what they invest in. A lot of times depending on who it is you're talking to, you will hear people say condos are one of the first things to go down when the housing market goes down and one of the last things to recover. That being said I've seen some condos have an awesome rate of returns in neighborhoods with HOA compared to SFR in similar areas.
A lot of people prefer SFR over a condo in some situations because a family is usually always trying to upgrade to an SFR. Not too many families want to upgrade to a condo.
At the end of the day it's whatever you prefer and are comfortable with.
Post: Accountant needed for Southern California Investor/Realtor
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Originally posted by @Shan Vincent:
Does anyone have a good accountant in Southern California that understand the "Real Estate Professional" designation, property management, and real estate agent interface and how it can all work together?
Hey Shan I work for a good CPA in the Agoura Hills area. If that's around your area shoot me a message.
Regardless there are some really good CPA and EA that work remotely on here. I recommend finding one that you feel knows the material and you'll be able to mesh with.
Post: appeal of tax evaluation for multifamily property
- Accountant
- Princeton, TX
- Posts 205
- Votes 127
Originally posted by @Marysue Connelly:
Any recommendations on how best to appeal tax assessment on a multifamily property in the state of MO. Our property tax just went from 5,000 to 13,000.
I've heard of certain companies out there that will challenge your assessment on your behalf but they usually take a percentage of what they save you as payment. Could be worth looking into.
You could also send it a request on your own but you may want to do some research on the proper way to go about it that increases your chances. You probably don't want to go in there and just say "Hey this is crazy".